What is going on in Iran on cryptocurrency and blockchain

Central Bank of Iran had released their prototype framework for legalizing crypto technology in January. Since then they have asked for any sort of constructive critique and feedback. Many people think that legalizing crypto in Iran is a very good step towards a better economy, but some people of the crypto community think that the current prototype of the framework could limit the fast-growing adoption and success of crypto space.

The framework has various limiting aspects in it like the banning of global cryptocurrencies for everyday use in payments. It requires exchanges to have permits to function and says that not following these rules is equivalent to committing a crime.

So to make the framework more business-friendly the crypto community proposed some changes. The community proposed fifty-one changes in the thirteen pages long prototype framework. As of the results cannot be predicted as the community demands decentralization to be approved by a system that loves centralization.

In 2018 there were some issues between Iran and the US. This issue causes the government to the central bank to ban all cryptocurrencies and crypto related activities in Iran. The issue between Iran and the US continued to become worse, and many crypto traders were arrested for doing tradings in Iran. These traders were sentenced to spend a lot of years in prison along with heavy amounts of fines.

Iranian President and many others have seen potential in the crypto space, and the president has participated in many meetings to support crypto space. This is why many banks in Iran have made an effort to make Iran adopt crypto space.

Khoshbakht a statement regarding the situation saying that all the lower class and upper-class entities need to have a say in how the framework should be prepared. He believes that the cryptocurrencies can only be regulated in Iran by the Central Bank’s decision.